The Credit Union Times seizes on one of the most important aspects of federal financial regulatory reform; it steps on states’ power.  From the article:

Credit unions dodged a big bullet but still face potential additional regulatory burdens under the bill to revamp the way financial services are regulated unveiled last week by Senate Banking Committee Chairman Christopher Dodd (D-Conn.).
The NCUA would remain a separate agency and not part of a consolidated bank regulator but credit unions would face an additional layer of regulation and examination by the Consumer Financial Protection Agency.
While the NCUA would remain the safety and soundness regulator for credit unions, it would lose some of its jurisdiction on consumer issues to the CFPA. The bill mandates that the CFPA assess fees on financial institutions with assets greater than $10 billion, including credit unions, and says the agency can assess fees on those with assets of $10 billion and smaller.
There is no carve out for smaller credit unions and community banks as there is in the bill passed last month by the House Financial Services Committee.
“On CFPA, this bill is similar to where the House bill was when it started. There is much work that needs to be done on it on the Senate side,” said CUNA Vice President for Legislative Affairs Ryan Donovan.
Under Dodd’s bill, the CFPA would be run by a five-member board, while the House bill envisions it run by a director.
Dodd’s bill would also allow states to pass tougher consumer law than the federal government and prevents federal law from preempting state laws. That has been a source of concern to federally chartered financial institutions that operate across state lines.